GHANA – The Government of Ghana has reiterated its commitments to modernize and expand the Volta Aluminium Company (VALCO) Smelter Plant in Tema.
The announcement has been made by Minister for Lands and Natural Resources Mr Samuel Abu Jinapor during his visit to the plant to familiarize himself with its current state.
He said after the meeting, the master plan will be put before Cabinet for approval, after which the needed investors will be sought to ensure that the plant receives the retrofitting, retooling, and revamping.
The other three projects are the expansion of the Awaso Mine and the establishment of a refinery; development of a mine and establishment of a refinery at Nyinahin; and the development of mines at Kyebi.
He indicated that the Ministry was fully committed to fulfilling the vision of President Nana Addo Dankwa Akufo-Addo to revamp industrial activities in the country.
The government recently injected three million cedis (US$454,575) into the operation of the aluminium company to stabilize its operations.
VALCO, through the sector ministry, is seeking to attract US$600 million into retrofitting and modernizing the entire plant, as it is at the core of the government’s plan to develop an Integrated Aluminium Industry.
The Smelter’s current annual production of 50,000 tonnes would be increased to 300,000 tonnes.
The cost of operation of the Company has not been competitive compared to global trends, with its expansion would position Ghana to be a driver in the aluminium industry.
There is a deficit in the supply of aluminium worldwide since China and other countries are demanding more.
The Minister, together with his team, as part of the visit, toured the carbon plant, cell lines/control, cast house, dock, maintenance shop and technical areas of the plant.
VALCO which was established in 1967 was acquired by the government in 2008.